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Astra
Financial highlights
- Resilient and stable financial performance and strong TSR amidst soft economic conditions
- Net income down 3% due to weaker coal prices and slowdown in 4W sales offset by strong non-coal mining and steady motorcycle sales
- Astra to focus on cost improvement initiatives amidst a softer macro environment
2025 |
2024 |
Change (%) |
|
|---|---|---|---|
5Y TSR (%) |
9.8% |
0.3% |
9.5ppts |
Reported EPS (IDR) |
810 |
837 |
-3% |
DPS (IDR) |
390 |
406 |
-4% |
Net cash* (IDR$bn) |
9,055 |
9,694 |
-7% |
Net income (IDR$bn) |
32,769 |
33,901 |
-3% |
Contribution to JMH underlying net profit (US$m) |
787 |
808 |
-3% |
* Excluding net debt of financial services companies
IDR figures above are on a 100% Astra basis
Strategic progress
- Robust earnings and strategic progress drive 5Y TSR 9.8% p.a. and 41.4% 1Y TSR
- Buyback programmes started at Astra and United Tractors
- Board of Commissioners enhancements to come and clear leadership succession ongoing
- Forward focus on core automotive, consumer finance and heavy equipment and mining segments
Value creation
Total shareholder return (%)
Reported EPS (IDR)
DPS (IDR)
Astra in 2025 delivered rupiah denominated net profit of IDR32.8 trillion, a 3% decline compared to 2024 amidst trade tensions and softer domestic economic conditions. US dollar net profit declined 7% due to weakness in the IDR-USD exchange rate. 2025 saw strong performance in the motorcycle division, consumer finance and non-coal mining segments, offset by headwinds in four-wheeler automotive and coal mining. Astra’s contribution to JMH’s underlying net profit fell by 3% to US$787 million.
Aligned with our TSR strategy, Astra and United Tractors each completed an IDR2.0 trillion (US$121 million) share buyback programme in January 2026. In the same month, they both announced another tranche of share buybacks of up to IDR2.0 trillion each, which will continue in Q1 2026. These programmes reflect confidence in the prospects of Astra and United Tractors. Astra finished the year with net cash of IDR9.1 trillion (US$540 million), providing continued flexibility to fund its strategic priorities.
We are working with Astra on talent management. In 1H 2026 we will announce enhancements to the Astra Board of Commissioners. Alongside this, executive succession efforts are ongoing, including the appointment of Amy Hsu as Chief Financial Officer in January 2026, succeeding SC Chiew. Importantly, we are working with Astra to implement long-term incentive arrangements to align compensation with shareholders’ interests and drive long-term earnings enhancement.
Astra continues its capital deployment strategy in new growth sectors with acquisitions completed or signed in non-coal mining, healthcare and modern logistics infrastructure, in aggregate deploying IDR10.4 trillion (US$631 million) against these investments in 2025.
Jardine Matheson remains committed long term to investing in Indonesia and to supporting Astra’s capital recycling efforts to drive future growth.
